Abbey loses £286m on private equity portfolio sale

Abbey National has lost up to £286m (€411m) on the private equity portfolio it sold to Coller Capital for £300m despite investing in strong-performing funds and taking its time over the disposal.

Sources close to the deal confirmed the sale price of around £300m. The portfolio, built up incrementally since 1998, had cost Abbey £586m. Abbey has received some returns from the portfolio but the bulk is still invested. Abbey decided to...